TaxTMI 
TaxTMI 
TaxTMI 
2021 (11) TMI 311
X X X X Extracts X X X X
X X X X Extracts X X X X
.... raised the following grounds of appeal:- "DISALLOWANCE OF BAD DEBTS WRITTEN OFF 1. That on the facts and law the learned Commissioner of Income Tax (Appeals) [CIT(A)] erred in upholding the disallowance of Rs. 4,09,29,605/- on account of irrecoverable debts/advances written off during the year, on the ground that irrecoverability of the debts has not been proved. 2. That the disallowance of Rs. 4,09,29,605/- for bad debts actually written off during the year is contrary to facts and law and is based on ignoring or not appreciating the facts, submissions, material on record, case laws in favour of the appellant and the Circular of the Central Board of Direct Taxes, No. 12/2016 dated 30.05.2016 placed before him on the issue involved. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... prejudice to each other. 8. That the appellant craves leave to add, alter or forego any ground before or at the time of hearing." 3. In ITA. No. 3877/Del/2018 the assessee has raised the following grounds of appeal:- "DISALLOWANCE OF DEBENTURE REDEMPTION PREMIUM "1. That on the facts and law the learned CIT(A) erred in upholding the disallowance of Rs. 16,92,59,920 on account 'debenture redemption premium' wrongly treating the same as capital expenditure on issue of preferential share capital. 2. The disallowance as aforesaid is contrary to facts and law and is based on ignoring or not appreciating inter-alia the following: (i) The appellant raised working capital loan of Rs. 1000 Cr. for purposes of its existing busines....
X X X X Extracts X X X X
X X X X Extracts X X X X
....c issue (IPO) of 22.29 Cr. shares of which 16.29 Cr. were fresh shares and 6 Cr. shares were offered for sale by the appellant-holding company under 'offer for sale scheme'. (ii) As per the Red Herring Prospectus the public issue expenses were to be shared between the subsidiary and the appellant-holding company in proportion to the number of shares sold by them respectively. (iii) The total public-issue expenditure of Rs. 127.91 crores came to Rs. 5.74 per Share against a sale price of Rs. 102 per Share. The pro rata expenditure allocable to 6 Cr. shares of the appellant-holding company came to Rs. 34,42,43,579/- which was claimed by the appellant as deduction from the gross sale price of over Rs. 600 Cr. (iv) The pro rata sh....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the same for making the addition as aforesaid. 9. The aforesaid estimated addition of Rs. 4,62,50,000/- is arbitrary, contrary to facts and law, the legal provision and is based on incorrect and absolutely irrelevant considerations to the exclusion of facts, material, evidence and submission on record and in any case highly excessive. DISALLOWAQNCE OF DEPRECIATION ON CERTAIN ASSETS OF Rs. 83,61,727/- 10 (i) That the Ld. CIT(A) has erred on facts and in law in not deciding the issue of depreciation allowable on certain assets already put to use by wrongly stating that the claim is no longer pressed by the appellant. (ii) That the Ld. CIT(A) should have decided and adjudicated upon the issue on the facts and law relating to the issue....
X X X X Extracts X X X X
X X X X Extracts X X X X
....th August, 2021 at the written request of the ld. Counsel for the assessee the case was adjourned to 21st October, 2021 on the ground of preparation of paper book. 6. The ld. [CIT] - DR submitted that above company has been referred to the Insolvency & Bankruptcy Code, 2016. Nobody appeared on behalf of the assessee. 7. On careful consideration it is found that the above company has been referred for initiation of corporate insolvency process in terms of Section 14 of the Insolvency & Bankruptcy Code, 2016. The National Company Law Tribunal, New Delhi has referred this company for insolvency proceedings. The present appeals are found to be filed by Shri Sunil Kumar Sharma in the capacity of Executive Vice Chairman of the appellant's c....